All net revenues derived from the Project, whose disposition the Authority shall not have covenanted to otherwise dispose of, or which it shall not need for repairs, improvements, additions or extensions, shall be disposed of as follows:

(1) Fifty per cent shall be paid to the treasurer of Berkeley County and applied by him to corporate purposes of Berkeley County; and

(2) Fifty per cent shall be paid to the treasurer of the city of Charleston and applied by him to corporate purposes of the city of Charleston.